Northern Trust Corp Sells 15,128 Shares of C3.ai, Inc. $AI

Key Points

• Northern Trust Corp has reduced its stake in C3.ai, Inc. by 1.4%, now owning approximately 0.78% of the company, which is valued at about $21.89 million.
• Several investment firms have recently adjusted their ratings and target prices for C3.ai, with Northland Capital Markets downgrading it from "strong-buy" to "hold" and DA Davidson lowering its target price from $25.00 to $13.00.
• Insider transactions show significant activity, with insiders selling approximately 2.15 million shares worth around $50.24 million over the last 90 days, indicating a potential lack of confidence in the stock's future performance.

Northern Trust Corp decreased its holdings in C3.ai, Inc. (NYSE:AI - Free Report) by 1.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,039,947 shares of the company's stock after selling 15,128 shares during the quarter. Northern Trust Corp owned about 0.78% of C3.ai worth $21,891,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Zweig DiMenna Associates LLC purchased a new stake in shares of C3.ai in the 1st quarter worth about $274,000. Liontrust Investment Partners LLP raised its stake in C3.ai by 203.2% in the first quarter. Liontrust Investment Partners LLP now owns 144,288 shares of the company's stock worth $3,037,000 after buying an additional 96,695 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in C3.ai in the first quarter worth about $668,000. Banque Cantonale Vaudoise bought a new stake in C3.ai during the 1st quarter valued at approximately $390,000. Finally, GAMMA Investing LLC boosted its position in C3.ai by 4,846.5% during the 1st quarter. GAMMA Investing LLC now owns 12,020 shares of the company's stock valued at $253,000 after acquiring an additional 11,777 shares in the last quarter. 38.96% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director John E. Hyten sold 10,000 shares of the business's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $23.75, for a total value of $237,500.00. Following the completion of the transaction, the director directly owned 63,942 shares in the company, valued at $1,518,622.50. The trade was a 13.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Hitesh Lath sold 17,689 shares of the stock in a transaction on Friday, June 27th. The shares were sold at an average price of $24.96, for a total value of $441,517.44. Following the sale, the chief financial officer owned 166,218 shares in the company, valued at approximately $4,148,801.28. This represents a 9.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,145,568 shares of company stock worth $50,241,976 over the last three months. 26.50% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on AI shares. Northland Securities cut C3.ai from an "outperform" rating to a "market perform" rating and set a $17.00 target price for the company. in a research note on Tuesday, August 12th. Morgan Stanley increased their price objective on C3.ai from $20.00 to $22.00 and gave the stock an "underweight" rating in a report on Thursday, May 29th. KeyCorp restated a "mixed" rating on shares of C3.ai in a report on Thursday, May 29th. Wall Street Zen downgraded shares of C3.ai from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. Finally, JPMorgan Chase & Co. lowered their price target on shares of C3.ai from $27.00 to $23.00 and set an "underweight" rating for the company in a research report on Thursday, May 29th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, eight have assigned a Hold rating and five have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus price target of $27.43.

C3.ai Trading Down 1.6%

NYSE:AI traded down $0.26 on Wednesday, reaching $16.56. 6,397,614 shares of the stock traded hands, compared to its average volume of 6,070,437. The company has a market capitalization of $2.22 billion, a price-to-earnings ratio of -7.39 and a beta of 1.96. C3.ai, Inc. has a 12 month low of $14.70 and a 12 month high of $45.08. The company's fifty day simple moving average is $22.74 and its 200 day simple moving average is $22.96.

About C3.ai

C3.ai, Inc operates as an enterprise artificial intelligence (AI) software company in North America, Europe, the Middle East, Africa, the Asia Pacific, and internationally. The company provides C3 AI platform, an application development and runtime environment that enables customers to design, develop, and deploy enterprise AI applications; C3 AI Ex Machina for analysis-ready data; C3 AI CRM, an industry specific customer relationship management solution; and C3 Generative AI Product Suite that enables to locate, retrieve, and present information.